3 Reasons You Need an Estate Attorney Draw Up a Will for You
Many people mistakenly believe that they do not need a will. Perhaps they have few assets, or they think that everything will be taken care of without the need for a will. But this is a mistaken assumption. You may have more assets than you realize, and without a will, there is no guarantee that anything will happen the way you wish after your death. The following are a few reasons why you need to have an estate attorney draw up a will for you.
1. A will reflects your wishes and not state law
Each state has its own laws for executing wills. There are overlapping laws between states. For example, no one can write their spouse out of their will. It's just not possible. But there are a set of rules, on how to proceed with a person's assets after they die, and you can't assume you understand what they are. If you speak to an estate attorney, this attorney can go over what will happen to your assets when you die without a will in your state. You can then write a will that reflects your wishes and not the laws on the books that will be in effect without a will.
2. A will can specify who will be the guardian of your minor children
This can be accomplished with a will. It depends upon the state that you live in, and the laws vary, but if your spouse is not the biological parent of your children, you still can name your spouse as the guardian of your minor children. Of course, this means that you have sole custody right now. Things could be complicated. You need to sit down with an attorney and talk about how the laws in your state apply to your minor children after your death, especially if you want someone specific to be the guardian of your children.
3. A will can specify when your minor children receive their inheritance
If your children are still under the age of 18, they are not going to inherit anything from you. However, you can specify the amount of the Inheritance that each child is entitled to and when they get this inheritance. For example, if 1/3 of your wealth is to be given to your children, it is the guardian that will be able to give these assets to them when they turn 18. Of course, it will also specify how much of the inheritance will be transferred to them at that time.
There is no guarantee that any of your wishes will be carried out without a will. You can make sure that your minor children have the guardian you wish, and they receive the proper inheritance when they reach adulthood. An estate planning attorney can explain all the possibilities a will can stipulate.